Dublin's growing importance as a centre for the international funds industry has been emphasised by a report which shows that funds under management in Dublin increased by 60 per cent to more than $176 billion at the end of June.

An analysis by Fitzrovia International shows that American funds domiciled in Dublin now account for more than 38 per cent of the total, followed by Germany with 18 per cent.

Deutsche Asset Management is the leading fund promoter in Dublin with $14.7 billion in assets, followed by Barclays and Goldman Sachs who both have $12 billion in assets.

PricewaterhouseCoopers is by far the biggest auditor in the Dublin funds business with 680 funds - almost double KPMG's 363 funds and well ahead of Ernst & Young, Arthur Andersen and Deloitte & Touche.

Dillon Eustace is the leading legal adviser with 375 funds.